RoK - important partner of Hai Phong in FDI attraction

At the reception (Photo: VNA)

Chairman of the Hai Phong municipal People's Committee hosted a local reception for a delegation of officials from several Korean conglomerates who came to explore the northern city's investment environment.

Tung told his guests that as one of the five centrally-run cities in Vietnam, Hai Phong an important port city and a hub of Vietnam's economy, culture, health care, education, science, trade, and technology. The city covers a natural area of 1,507sq.km and has a population of over 2 million people. In recent years, Hai Phong has been one of the localities with the highest growth rate nationwide. Even during the COVID-19 pandemic, the city managed to sustain its two-digit growth trajectory.

The city ranked third among 63 cities and provinces in the 2022 Provincial Competitiveness Index, and the second in the administrative reform index.

In the first half, its industrial production rose by 12.28% annually while gross regional domestic product grew by 9.94%, ranking third nationwide. Cargo throughput via its seaports reached 69.10 million tonnes and 3.47 million people visited the city, including around 500,000 foreigners.

According to him, Hai Phong has numerous advantages in attracting foreign investors, including having all five types of transportation systems (maritime, road, railway, aviation, and inland waterways). It boasts the largest seaport system in the northern region. The Cat Bi International Airport meets the 4E standards set by the International Civil Aviation Organisation, allowing it to accommodate some of the world's largest aircraft.

The city is now home to 872 foreign-invested projects worth 26.15 billion USD. The Republic of Korea takes the lead in terms of the number of registered projects and value, reaching 179 projects worth over 10 billion USD.

Tung suggested that in the near future, the delegation would introduce more capable Korean investors and firms to the city, step up all-around and sustainable cooperation in areas where the RoK has strength and Hai Phong has potential, such as high-tech industry, real estate infrastructure, tourism and resorts, research and development centres, innovation and technology transfer, aviation, and health care.

Furthermore, they should focus on developing a complete ecosystem for Korean enterprises and the Korean community in Hai Phong while providing support to strengthen Korean language training in schools across the city, he said.

The host added that Hai Phong could allocate roughly 1ha of land for the construction of an oncology hospital in the city. If the investor requests a larger area of 5ha, the city is also capable of meeting the demand immediately.

Hai Phong is committed to the most favourable conditions for Korean investors to do business effectively in the city, he said./.